Steel: Global Trade Management Challenges & Solutions

Steel industry products power numerous other industries including defense, automotive, construction and transportation, among others. The United States ranks 4th in worldwide steel production, with China, the European Union and Japan taking the top three spots. U.S. output was recently valued at $75 billion. Due to worldwide demand for steel for use in machinery and equipment, energy, transportation and infrastructure, it is a major import/export commodity.

To stay competitive, U.S. firms must source production internationally to take advantage of free trade agreements and lower material and labor costs, but they must move products to market quickly and inexpensively. Global trade management software is essential to automate and manage processes – logistics, regulatory, financial – and enhance collaboration among supply chain partners, so goods can reach their destination in a timely, secure and cost-effective manner.